Instant Loans Made Easy: In today’s fast-paced world, short-term financial needs often arise unexpectedly—be it medical emergencies, education expenses, or last-minute travel plans. For many, fintech lending apps have emerged as a quick and convenient way to get personal loans.
But here’s the catch: not all loan apps are safe. In recent years, several fraudulent apps and fake agents have scammed borrowers, charging hidden fees, harassing them for repayments, or simply disappearing with their money. That’s why experts strongly recommend choosing only those platforms that are approved by the Reserve Bank of India (RBI).
This article lists 10 popular lending apps that follow RBI regulations, making them relatively safer options if you are planning to borrow.
10 Popular RBI-Approved Lending Apps
| Lending App | Loan Amount Range | Interest Rate / Charges | Repayment Tenure | Special Features |
|---|---|---|---|---|
| Stashfin | Up to ₹5 lakh | Interest-free up to 30 days | up to 30 days | Works like a personal credit line |
| Fibe (formerly EarlySalary) | Up to ₹5 lakh | Varies, with 0 foreclosure charges | Flexible | Also offers loans against mutual funds |
| Aditya Birla Capital | Depends on eligibility | 19.45% (≤12 months), 20.45% (>12 months) | Up to 60 months | Credit score ≥650 preferred |
| IDFC First Bank | Up to ₹10 lakh | Starting at 9.99% p.a | 9 – 60 months | One of the lowest starting rates |
| Money View | Up to ₹10 lakh | Competitive rates | 3 – 60 months | Quick disbursal process |
| KreditBee | ₹6,000 – ₹10 lakh | 12% – 28% p.a. | 6 – 60 months | Suitable for small and large loans |
| LazyPay | ₹3,000 – ₹5 lakh | Varies | 3 – 24 months | 100% digital, requires auto-pay setup |
| CASHe | ₹50,000 – ₹3 lakh | Varies | 9 – 18 months | Salaried professionals preferred |
| ZestMoney | Up to ₹2 lakh | Flexible EMI plans | 3 – 12 months | No paperwork, EMI-based repayment |
| mPokket | Up to ₹50,000 Varies | Varies | Flexible | Popular among students, requires education proof |
How Loan Apps Work
The process of borrowing through lending apps is designed to be simple and paperless:
- Application – Apply online through the app.
- eKYC Verification – Lenders check your identity and financial stability using Aadhaar, PAN, credit score, bank statements, or salary slips.
- Approval – Based on eligibility, the loan gets approved within minutes to hours.
- Disbursal – Loan amount is credited directly to your bank account after deducting processing charges.
While the speed and ease make these apps attractive, borrowers should carefully read the terms—especially the interest rates, tenure, and processing charges.
Also Read: Google Pay Now Gives Personal Loans in Minutes – Should You Borrow
Things to Keep in Mind Before Borrowing
While RBI-approved apps are safer than unregulated ones, borrowers must still stay cautious:
- Compare interest rates – Even RBI-approved apps can charge higher rates than banks.
- Check hidden charges – Processing fees, late payment charges, and auto-debit penalties may apply.
- Avoid over-borrowing – Take loans only if absolutely necessary.
- Maintain credit score – Defaulting on EMIs can affect your future borrowing ability.
- Read loan agreement carefully – Never sign digitally without checking repayment terms.
Also Read: Personal Loan Mistakes That Can Ruin Your Financial Health – Avoid These Now!
Final Word on Instant Loans
Borrowing through lending apps has undoubtedly become faster and easier, but financial discipline remains crucial. While RBI-approved platforms such as IDFC First Bank, Aditya Birla Capital, or Money View are safer choices, always remember that loans come with obligations.
If you are considering borrowing, consult a certified financial advisor before making the decision. A well-informed choice today can prevent financial stress tomorrow.